- About Us
- Resource Centre
- Mortgage Application
- Contact Us
The mortgage industry has been abuzz this past month with major changes taking place and other notable news. If you’re confused about what has changed and how it will affect you, here’s a quick breakdown.
These are the major changes as far as majority of home buyers are concerned. While this may make qualifying more difficult for first-time buyers, there is actually good reason for these changes.
The first reason is to ensure that Canadians aren’t taking on bigger mortgages than they can afford, especially when interest rates are historically low, and in very hot markets as well. Being an opportunist isn’t always a great thing in real estate, especially in Alberta where the economy has taken such a dip. Having the burden of multiple real estate properties can be tough for some people right now.
The other reason for these changes, is to address the increasing concerns about foreign buyers flipping Canadian homes. This was creating hostile real estate conditions in places like Vancouver, and some experts fear Calgary could be the next hit.
Regardless of the changes, please feel free to contact me to walk through what this means specifically for you.